The International Gold Trade

Tony Warwick-Ching
290 Pages
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Prized for its beauty, versatility and scarcity, gold has held a unique position in human history. Its role has been far from unchanging, the uses of gold varying greatly between one society and another and one era and another.

This book provides a comprehensive survey of a rapidly evolving picture. It is set out in three sections: the first sketches the structure of the gold market from the point of view of the commodity analyst, before reviewing in detail the institutions and practices of bullion and futures trading. The second looks at gold mining, setting the boom of the past decade in the context of a longer term perspective. The third surveys the uses of gold, past and present, and looks briely at the metal's future prospects.

It is intended for anyone with a personal or professional interest in gold, particularly in its markets and its trading. Whilst tackling some of the more esoteric corners of the industry the book remains accessible to the non-specialist.

Table of Contents

Chapter 1: The Structure of the Market

Introduction

Production of newly mined gold
Recycled gold
The east bloc
The central banks
Supply from hedging transactions
The demand for gold
Fabrication offtake
Investment offtake

Chapter 2: Bullion Trading Centres and Transactions

Many markets and one

London
Zurich
Geneva
Other European markets
New York
Tokyo
Hong Kong
Singapore
Dubai
Bombay
Other Centers
Transactions in the bullion market

Chapter 3: Bullion Offtake and International Trade

Introduction

Western Europe
Switzerland
The UK
Italy
Other markets in Western Europe
North America
Japan
Taiwan
Hong Kong
South East Asia
India
The Middle East
The Commonwealth of Independent States
China
Other markets

Chapter 4: Futures and Options Markets

Futures markets

Uses of futures contracts
Options markets

Chapter 5: Geology, Mining and Refining

The geology of gold

Mining
Beneficiation
Refining

Chapter 6: Gold Mining - the Big Producers

Introduction
South Africa
The US
Australia
Canada
The Commonwealth of Independent States

Chapter 7: Gold Mining - Other Producers

Introduction
China
Brazil
Other Latin American producers
Africa
Asia and the Pacific
Other areas

Chapter 8: Jewelry

Introduction
Determinants of jewelry demand
Adornment jewelry and investment jewelry
Jewelry markets in Western countries and Japan
Jewelry in other countries
Variations in caratage and other characteristics
Prospects for gold jewelry

Chapter 9: Industry and Coinage

Introduction
Electronics
Dental and medical
Miscellaneous decorative and industrial applications
Medals and imitation coins
Gold coins

Chapter 10: Gold as Money

The rise and fall of gold
Banking and gold
The gold standard in the early days
A universal gold standard
The return to gold
The Bretton Woods system
The gold pool
The two-tier market
The end of convertibility
Demonetisation by the IMF
International reserves
The distribution of gold reserves
The future

Chapter 11: The Gold Price - History and Prospects

The fixed price era

Long term comparisons
Currency considerations
Macroeconomic influences
Supply and demand prospects

About the Author

Tony Warwick-Ching is Senior Consultant for precious metals with CRU International, the London-based metals and mining consultancy and publishing group. Following a period working as an economist in Africa in the 1970s he has been extensively involved with the metals business in a variety of consultancy and industry assignments. He has published a number of articles and papers on the precious and base metals and on related subjects.